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Side-by-side financial comparison of REINSURANCE GROUP OF AMERICA INC (RGA) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $3.7B, roughly 1.8× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 7.0%, a 13.3% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 26.6%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 2.3%).
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
RGA vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.6B | $3.7B |
| Net Profit | $463.0M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 7.7% | 17.2% |
| Net Margin | 7.0% | 20.2% |
| Revenue YoY | 26.6% | 30.6% |
| Net Profit YoY | 212.8% | -42.5% |
| EPS (diluted) | $6.91 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $6.6B | $3.7B | ||
| Q3 25 | $6.2B | $2.8B | ||
| Q2 25 | $5.6B | $2.7B | ||
| Q1 25 | $5.3B | $2.4B | ||
| Q4 24 | $5.2B | $2.8B | ||
| Q3 24 | $5.7B | $2.2B | ||
| Q2 24 | $4.9B | $2.0B | ||
| Q1 24 | $6.3B | $1.9B |
| Q4 25 | $463.0M | $743.0M | ||
| Q3 25 | $253.0M | $264.0M | ||
| Q2 25 | $180.0M | $906.0M | ||
| Q1 25 | $286.0M | $-682.0M | ||
| Q4 24 | $148.0M | $1.3B | ||
| Q3 24 | $156.0M | $828.0M | ||
| Q2 24 | $203.0M | $171.0M | ||
| Q1 24 | $210.0M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 7.7% | 17.2% | ||
| Q3 25 | 5.2% | 12.1% | ||
| Q2 25 | 6.1% | 10.9% | ||
| Q1 25 | 7.0% | 8.6% | ||
| Q4 24 | 4.3% | 16.5% | ||
| Q3 24 | 3.8% | 13.1% | ||
| Q2 24 | 5.5% | 11.8% | ||
| Q1 24 | 4.3% | 4.6% |
| Q4 25 | 7.0% | 20.2% | ||
| Q3 25 | 4.1% | 9.3% | ||
| Q2 25 | 3.2% | 33.8% | ||
| Q1 25 | 5.4% | -28.9% | ||
| Q4 24 | 2.8% | 46.0% | ||
| Q3 24 | 2.8% | 38.3% | ||
| Q2 24 | 4.2% | 8.4% | ||
| Q1 24 | 3.3% | -14.7% |
| Q4 25 | $6.91 | $0.58 | ||
| Q3 25 | $3.81 | $0.20 | ||
| Q2 25 | $2.70 | $0.69 | ||
| Q1 25 | $4.27 | $-0.53 | ||
| Q4 24 | $2.21 | $0.99 | ||
| Q3 24 | $2.33 | $0.64 | ||
| Q2 24 | $3.03 | $0.13 | ||
| Q1 24 | $3.16 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.2B | $5.8B |
| Total DebtLower is stronger | $5.7B | — |
| Stockholders' EquityBook value | $13.5B | $13.5B |
| Total Assets | $156.6B | $15.2B |
| Debt / EquityLower = less leverage | 0.42× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.2B | $5.8B | ||
| Q3 25 | $4.6B | $6.3B | ||
| Q2 25 | $5.4B | $5.8B | ||
| Q1 25 | $5.2B | $5.5B | ||
| Q4 24 | $3.3B | $5.5B | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $4.6B | — | ||
| Q1 24 | $5.9B | — |
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.7B | — | ||
| Q2 25 | $5.7B | — | ||
| Q1 25 | $5.7B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.1B | — | ||
| Q1 24 | $4.4B | — |
| Q4 25 | $13.5B | $13.5B | ||
| Q3 25 | $13.0B | $12.5B | ||
| Q2 25 | $12.1B | $12.1B | ||
| Q1 25 | $11.4B | $11.1B | ||
| Q4 24 | $10.8B | $11.6B | ||
| Q3 24 | $11.1B | $10.1B | ||
| Q2 24 | $9.7B | $9.2B | ||
| Q1 24 | $9.5B | $8.9B |
| Q4 25 | $156.6B | $15.2B | ||
| Q3 25 | $152.0B | $15.0B | ||
| Q2 25 | $133.5B | $14.6B | ||
| Q1 25 | $128.2B | $13.4B | ||
| Q4 24 | $118.7B | $13.9B | ||
| Q3 24 | $120.3B | — | ||
| Q2 24 | $109.9B | — | ||
| Q1 24 | $106.0B | — |
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.44× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.46× | — | ||
| Q2 24 | 0.52× | — | ||
| Q1 24 | 0.47× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $7.3B | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 15.83× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3B | $725.0M | ||
| Q3 25 | $-990.0M | $513.0M | ||
| Q2 25 | $-820.0M | $428.0M | ||
| Q1 25 | $-1.4B | $367.0M | ||
| Q4 24 | $17.1B | $615.0M | ||
| Q3 24 | $-1.1B | $423.0M | ||
| Q2 24 | $-967.0M | $340.0M | ||
| Q1 24 | $-5.7B | $238.0M |
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 15.83× | 0.98× | ||
| Q3 25 | -3.91× | 1.94× | ||
| Q2 25 | -4.56× | 0.47× | ||
| Q1 25 | -5.00× | — | ||
| Q4 24 | 115.81× | 0.48× | ||
| Q3 24 | -6.84× | 0.51× | ||
| Q2 24 | -4.76× | 1.99× | ||
| Q1 24 | -27.31× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RGA
Segment breakdown not available.
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
